I have been waiting for an A4-sized ebook reader with electrophoretic screen (e.g. E-ink, Sipix) for years... I certainly would really like to finally be able to get one! By the way: such a large device would be a nice substitute for paper newspapers, too.
In my view, LCD tablets (besides being much less pleasant on the eye) have a battery life that is way too short for a relaxing reading experience. Like with paper books, I like the fact that I can put my ebook reader down on the couch, do something else for a while, and then go back to reading without a significant impact on battery life.
LCD devices are good for interactive applications (web browsing, games, ...) but -like laptops- they remind me of the time when I had a dial-up internet connection: I was never completely enjoying web surfing because I knew that every minute that I stayed online increased the bill.
(By the way: automatic standby does not solve the psychological issue. You *know* that in a few hours of use you will have to recharge the device, so you cannot afford to "waste" your time using it. As I said, for me this detracts from the sense of relax.)